Comcast will announce the spinoff of cable networks Wednesday, CNBC source says

[BumRushDaShow]

This discussion thread was locked as off-topic by Omaha Steve (a host of the Latest Breaking News forum).

Source: CNBC

Published Tue, Nov 19 2024 6:30 PM EST | Updated 22 Min Ago


Comcast is moving forward with the spinoff of its cable network channels, people familiar with the matter told CNBC on Tuesday. The separation is expected to take about a year, and an announcement from the company could come as early as Wednesday, the people said.

The new entity will be led by Mark Lazarus, the current chairman of NBCUniversal’s media group, one of the people said. NBCUniversal’s Chief Financial Officer Anand Kini, will serve as the CFO and operating chief of the new entity, the person said.

Comcast Chairman and CEO Brian Roberts will maintain a voting position in the company, but will not serve as an officer or on the board of directors, the person added. The spinoff will be tax free and the share structure of the new entity will mirror that of Comcast’s, according to the person.

At NBCUniversal, Donna Langley, the current chief content officer, will become chairman of NBCUniversal Entertainment and Studios, while Matt Strauss, the current head of the direct-to-consumer unit, will be chairman of NBCUniversal Media Group, overseeing sports, ad sales and distribution, the person said. Cesar Conde will remain as NBCUniversal News Group’s chairman, including oversight of NBC News Group, while Executive Vice President Adam Miller will become NBCUniversal’s Chief Operating Officer, they said.

Read more: https://www.cnbc.com/2024/11/19/comcast-will-announce-the-spinoff-of-cable-networks-wednesday-cnbc-source-says.html

[Jit423]

1. What will happen to my happy place, MSNBC?

I will confess, I haven't been able to watch since the election. Read about Joe and Mika, kiss the ring, and read about MSNBC losing ratings. WTF Why do we have cater to the least informed, dumbest and most hateful people all the time. The MAGAs will never watch anything to enlighten themselves so why should we even try?

Let's just send energy vibes to Joe Biden to at least fill the court vacancies before Jan20,,,even if he as to use recess appointment to do so.

[PortTack]

2. Left Comcast about a yr ago when other options for internet became available. Never been happier!

Getting better service and some actual customer service for less money

[cstanleytech]

4. I might be doing the opposite and leaving Wowway as their level communication is deplorable.

After the hurricane hit in the Augusta Georgia area and took out 99% of the power in the county all Wowway did was say that they were working on it and they did that until Friday last week for when it came back on.

[tonekat]

8. Thinking of dumping their cable TV

But keeping their internet service which I need for work. There's barely anything worth watching anymore.

[onenote]

3. It's being spun off to its existing shareholders.

It's ownership structure won't change. That's what a spin off is.
For an explanation of what a spin off is, and why spin offs happen:

https://www.finra.org/investors/insights/corporate-spinoffs

[cstanleytech]

5. Spin off to essentially to help the rich get richer?

[jimfields33]

7. The spinoff will be tax free

That’s such BS!

[Omaha Steve]

9. AFTER a review by forum hosts LOCKING

No named source. Speculation.